a friend on mine purchased land for Rs 450000 and she do not have any income ....... how she can show that money in income tax dep when she sell that land ??
any way to show that money ?
3 Replies
Manmohan ACA, CS
(Chartered Accountant )
(14243 Points)
Replied 14 December 2010
nothing as amount id Rs. 450000 only
Vikash Maheshwari
(learner)
(6358 Points)
Replied 15 December 2010
ur ques is little incomplete and lacks details......but with wat i hv understood............i suggest ur frend to receive cash gift frm relative coz gift frm relative is exempt frm tax,make a file,shw it as income...then when she sells d land ,it can b shwn as source of income..........
nikhil
((CA Final) Article)
(363 Points)
Replied 15 December 2010
she show this as gift but how is this possible ?...for example:-
if she show that income is gifted by his father.....then what about her father he has to show that gift in previous year return also ??....
and her father didn't done this ...in previous year return:)
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